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Isaac Anumihe, Abuja
National Bureau of Statistics (NBS), yesterday, identified the cost of food items for being responsible for the 11.98 per cent increase in inflation for December, 2019, 0.13 per cent points higher than the 11.85 per cent rate recorded in November 2019.
Such food items include, prices of bread and cereals, meat, fish, oils and fats. Others are potatoes, yam and other tubers.
On month-on-month basis, the food sub-index increased by 0.97 per cent in December 2019, down by 0.28 per cent points from 1.25 per cent recorded in November 2019.
The average annual rate of change of the food sub-index for the twelve-month period ending December 2019 over the previous twelve-month average was 13.74 per cent, 0.09 per cent points from the average annual rate of change recorded in November 2019 (13.65) per cent.
“The ‘all items less farm produce’ or core inflation, which excludes the prices of volatile agricultural produce stood at 9.33 per cent in December 2019, up by 0.34 per cent when compared with 8.99 per cent recorded in November 2019.
“On month-on-month basis, the core sub-index increased by 0.81 per cent in December 2019. This was up by 0.02 per cent when compared with 0.79 per cent recorded in November 2019. The highest increases were recorded in prices of hospital services, hairdressing saloons and personal grooming establishment, garments, repair and hire of footwear, vehicle spare parts, passenger transport by air, shoes and other footwear, appliances, articles and products for personal care: clothing materials, other articles of clothing and clothing accessories. Also, are cleaning, repair and hire of clothing,
“The average 12-month annual rate of change of the index was 9.15 per cent for the twelve-month period ending December 2019; this is 0.04 per cent points lower than 9.19 per cent recorded in November 2019” the bureau, said.
NBS also said that increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index adding that on month-on-month basis, the headline index increased by 0.85 per cent in December 2019. This, it said, is 0.17 per cent rate lower than the rate recorded in November 2019 (1.02) per cent.
“The percentage change in the average composite Consumer Price Index (CPI) for the twelve months period ending December 2019 over the average of the CPI for the previous twelve months period was 11.40 per cent, showing 0.05 per cent point from 11.35 per cent recorded in November 2019.
The composite food index rose by 14.67 per cent in December 2019 compared to 14.48 per cent in November 2019.
“ The urban inflation rate increased by 12.62 per cent (year-on-year) in December 2019 from 12.47 per cent recorded in November 2019, while the rural inflation rate increased by 11.41 per cent in December 2019 from 11.30 per cent in November 2019.
“On a month-on-month basis, the urban index rose by 0.90 per cent in December 2019, down by 0.17 from 1.07 per cent recorded in November 2019, while the rural index also rose by 0.82 per cent in December 2019, down by 0.16 from the rate recorded in November 2019 (0.98) per cent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 11.83 per cent in December 2019. This is higher than 11.75 per cent reported in November 2019, while the corresponding rural inflation rate in December 2019 is 11.00 per cent compared to 10.98 per cent recorded in November 2019” the document, obtained from NBS website, explained.
